NCB completes $34m in NYC financings

Real Estate Weekly,  Nov 28, 2007  

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NCB originated over $34 million in financing in October for 13 New York area properties. The financings included $31.4 million in mortgages and $2.9 million in lines of credit. Edward Howe Ill, Managing Director of the NCB New York office, made the announcement.

"While there was slight decrease in the actual number of loans closed during October than the previous month, the dollar value of the loans originated was still substantial, during what is traditionally a slow period of the year," commented Howe. "We attribute our ongoing success to the team's ability to provide creative financing packages to meet the varying needs of New York area housing cooperatives."

NCB's senior vice president Sheldon Gartenstein arranged a total of $8.3 million in loans during October, including a $2 million second mortgage and a $1 million line of credit for Forest Hills South Owners, a 580-unit co-op located at 112-50 78th Avenue in Forest Hills, NY.

Howe arranged a total of $8.4 million in loans during October, including a $3.5 million first mortgage and a $200,000 line of credit for Mendicino Green Apartment Corporation, a 107-unit co-op located at 1570/1600 Grand Avenue in Baldwin, NY.

NCB's senior vice president Mindy Goldstein arranged a total of $17.5 million in loans during October, including the largest deal of the month, an $8.5 million first mortgage and a $2 million second mortgage for Park Lane South Owners, a 207-unit co-op located at 118-18 Union Turnpike in Kew Gardens, NY.

NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders.

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